What is the primary role of a retail insurance broker?

The primary role of a retail insurance broker is to act directly for their clients. This involves representing the interests of the client in the insurance marketplace, helping them navigate options, and securing the most suitable insurance policies to meet their specific needs. Retail brokers work closely with individuals and businesses, assessing their insurance requirements and advising them on appropriate coverage, often serving as a crucial intermediary between clients and insurers.

In contrast, conducting claims investigations typically falls under the responsibilities of claims adjusters or investigators rather than brokers. Developing insurance products is generally the role of insurance companies and underwriters who create the policies and coverage options. Serving insurance companies aligns more with the functions of wholesale brokers or the role of an agent, who may primarily represent the interests of the insurer rather than the client. Thus, acting directly for their clients is a defining characteristic of retail insurance brokers, making this the correct choice.